Laurence J. Kotlikoff

Please find below the prologue to my new book, co-authored with Scott Burns, The Clash of Generations. As we sit back and blithely watch Greece's death by debt, it's easy to assume it can never happen here. It can, and it will.

The Last Straw

The day...

The biggest worry from Greece's potential departure from the euro is a global bank run. In recent years, Greece has experienced a major bank run. Indeed, in February, the Economist reported that Greek banks have lost 27 percent of their deposits since 2009.

But there are still, apparently, 150...

Paul Krugman has been ranting in the New York Times about the need for more stimulus. He's been doing this on a weekly basis for, well, it seems forever. In his recent column, "Easy Useless Economics," he lambasts economists who think the economy's job problems are structural --...

I'm running against President Obama as a candidate for the nomination of the Americans Elect platform. But I have deep respect for him as a person and voted for him in the last election. Overall, I think he's done a B to B+ job in office.

I'm...

The latest Labor Department figures show the economy is stuck at eight percent unemployment. The New York Times says this is clear evidence that the government needs to engage in more government spending. This is the Obama Administration's view as well. Mitt Romney favors lower taxes...

The president delivered a strong, patriotic speech in Kabul Tuesday. But the fact that he had to sneak into the country after our brave servicemen and women have been fighting there for over a decade and our troop strength, including those from member NATO states, is 130,000, speaks for itself....

If you're 30 or older, stop reading. This isn't for you. This is for America's sacrificial lambs -- our children.

Young men and women, boys and girls. Gather round. I'm writing something you crave, but seldom get -- the truth.

The truth is we grownups don't care about...

Tom Friedman, the New York Times' brilliant columnist, has been urging big shots to run for president on the Americans Elect Platform. He recently used his column to urge former Comptroller General, David Walker, to run. And in the last few days, he's urged NY Mayor, Michael Bloomberg, to run....

Now that the presidential race has come down to a choice between two candidates that most Americans don't love, representing two parties that most Americans don't like, it's time to consider an alternative -- a serious third-party candidate who isn't a politician, who won't say or do anything to get...

The Masters Golf tournament was held last week, as it is every year, at the Augusta National Golf Club -- a private, mens-only club.

Imagine the tournament were held in a private, whites-only club, or a private, no-jews club, or a private no-muslims club, or a private no-hispanics club,...

Supreme Court Justice Anthony Kennedy made an absolutely terrible decision in voting with the four conservative justices that strip searches are permitted in all circumstances. The Constitution prohibits unreasonable searches and getting strip searched for the most minor offenses, such as jay walking or littering, is as unreasonable as it...

The Democrats are yelling at the Republicans for trying to cut taxes. The Republicans are yelling at the Democrats for trying to raise spending. They are both putting on a good show. President Obama has called the budget Governor Romney supports "social Darwinism". Governor Romney has called President Obama a...

In the Supreme Court hearings last week on Obamacare(s), aka, the Affordable Care Act (ACA), several Justices repeatedly raised the question of what was the "limiting principle" being advanced by the Justice Department in its support of the law mandating that uninsured individuals participate in the insurance health exchanges to...

Recall the old saying, "A deal's a deal."

This applies in full force to our vets and active members of the military.

When we asked our young men and women to join the military and a) risk their lives, b) risk permanent injury, c) leave their families for...

In her column Saturday, Gail Collins calls Americans Elect "the worst idea." How sad. Gail is a terrific columnist, one of my favorites. She has a marvelous and devastating sense of humor and can make mince meat of politicians' hypocrisy and pretensions. She's also on the right side...

One would hope that our laws and their enforcement would satisfy a basic principle, namely that if a law is Constitutional if expressed with one set of words, it should also be Constitutional if expressed with another set of words, which have the same meaning and produce the same outcome....

Money can't buy you love. Nor can it buy you maturity or common sense. The latest example is on display on Thursday's front page of the Wall Street Journal in which billionaire Harold Simmons, who is donating millions to Republican super PACs, is quoted as calling President Obama a "socialist"...

Our country has been wrestling with abortion for a very long time. On my campaign site, I point out that all of us are both pro-choice and pro-life. Pro-lifers wouldn't force two unwilling people to procreate even though doing so would produce life. In that context, pro-lifers are...

President Obama should appoint Jeff Sachs President of the World Bank. Jeff is, without doubt, the world's top development economist. He has worked tireless for decades in every corner of the globe helping impoverished countries eliminate hunger and disease, fight inflation and unemployment, and take the steps needed to jumpstart...

Today's Wall Street Journal carried a cover story, "Stress Tests Buoy U.S. Banks." In fact, the stress tests showed exactly the opposite. Of the 19 banks, only three had Tier 1 capital above 10 percent. Lehman Brothers had Tier 1 capital of 11 percent on Sept. 12, 2008,...